The Tennessee-based company deserves a spot for its response to COVID-19 restrictions that restricted the construction industry
KNOXVILLE, Tenn., September 27, 2021 / PRNewswire / – CapitalPlus construction services, a leading provider of receivables and materials financing for construction companies, general contractors, subcontractors and disaster recovery providers, was selected by the ABF Journal as one of the 50 most innovative companies in specialty finance in 2021.
This is the second year independent trade finance magazine has rated financiers and expanded its opening list from 25 companies in 2020 to 50 in 2021. ABF Journal has also added service providers and referral sources to its candidate pool of lenders. The most innovative companies in specialty finance The list highlights those companies that have used innovation to differentiate themselves from the industry and improve their own bottom line.
“Our team’s response to the challenges COVID-19 poses to our industry helped us earn this award,” said Scott Applegate, President of CapitalPlus Construction Services. “We have worked to transform CapitalPlus to more effectively anticipate market fluctuations in the industry and permanently change the way we work. Our diverse professional backgrounds in financial services, supply chain management and construction operations have fueled our ability to succeed more than many in the construction industry have helped us needed. ” the most.”
After reassessing its core values, CapitalPlus underwent a significant transformation to better serve the needs of an industry completely hit by disruptions to the COVID-19 supply chain, a widening working capital gap, longer wage cycles and dwindling credit limits.
To address these challenges, CapitalPlus launched its state-of-the-art materials finance platform, which enables the company to purchase the building materials its clients need to ensure projects stay on track. The platform also offers contractors and subcontractors extended payment deadlines, which frees up their working capital so they can pay their employees or finance day-to-day operations. As a result, CapitalPlus saw a 185% growth over the previous year.
“The pandemic has exposed the inflexibility of the commercial credit industry as a whole,” said Grant Applegate, CapitalPlus’ Director of Supply Chain Operations. âIn the construction industry, it is critical to complete a project on time and on budget. The creation of a platform that was agile enough to cope with the challenges of a post-COVID world has won the trust of our contractual partners, which has also helped with our customer loyalty goals. “
About CapitalPlus Construction Services
Founded in 1998, CapitalPlus construction services is a leading provider of receivables and material financing for construction companies, general contractors, subcontractors and disaster recovery providers of all sizes and types. With decades of industry experience, our team of experts understands the challenges our customers face in the industry and strives to provide construction companies of all trades with fast and flexible working Offering capital solutions.
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SOURCE CapitalPlus construction services